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Asset Manager ← All Institutions

SPX Gestao de Recursos Ltda

RUA HUMAITA, 275, 6 ANDAR HUMAITA, RIO DE JANEIRO, D5 22261000 • 552132031580

Q3 2025 · Filed 2025-11-12
Market Value
$1.2B
+11.0%
Holdings
156
+35
New Purchases
64
Added To
32
Closed
33
Reduced
22
Top 10 Concentration
51.6%
Turnover
62.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VALE 10.17% 2.50% +7.67% $120M
EEM 6.69% 0.54% +6.14% $79M
EWZ 4.20% 0.54% +3.65% $50M
LTM 3.58% 0.09% +3.49% $42M
XP 3.18% 0.53% +2.65% $38M
PBR 8.48% 5.87% +2.62% $100M
AUGO 2.54% 0.00% +2.54% $30M
FSLR 2.17% 0.00% +2.17% $26M
RIO 3.61% 1.53% +2.08% $43M
INTR 1.60% 0.00% +1.60% $19M
GEV 1.49% 0.50% +1.00% $18M
NU 0.89% 0.00% +0.89% $10M
MSFT 0.88% 0.00% +0.88% $10M
BP 2.05% 1.29% +0.77% $24M
NVDA 1.41% 0.70% +0.71% $17M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IJR 0.00% 8.09% -8.09% $0
CEG 0.00% 4.34% -4.34% $0
META 0.69% 4.09% -3.40% $8M
AMZN 0.61% 3.58% -2.97% $7M
VST 3.52% 6.39% -2.87% $42M
VRT 0.00% 2.77% -2.77% $0
TLN 2.40% 4.66% -2.26% $28M
SRE 0.00% 2.19% -2.19% $0
HES 0.00% 1.98% -1.98% $0
PPC 0.00% 1.92% -1.92% $0
GOOG 0.00% 1.92% -1.92% $0
KBE 0.00% 1.69% -1.69% $0
GGAL 0.07% 1.74% -1.67% $827K
GOOGL 0.00% 1.32% -1.32% $0
BAP 2.90% 3.93% -1.03% $34M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 35.3%
Energy 19.1%
Technology 15.9%
Basic Materials 10.3%
Industrials 8.3%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 24 $89M 7.5%
Large Cap 74 $738M 62.5%
Mid Cap 35 $250M 21.1%
Small Cap 16 $103M 8.7%
Micro Cap 7 $2M 0.2%

Portfolio Analytics

Avg Market Cap
$245.6B
Median Market Cap
$24.0B
Avg P/E
33.6
Median P/E
23.2
Avg Dividend Yield
0.02%
Avg Beta
1.27
# Stocks
144
# ETFs / Funds
12

Top Holdings (156 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VALE 10.17% 11,068,403 $120M $10.86 $94M +8,327,112 +303.8%
2 PBR 8.48% 7,916,982 $100M $12.66 $38M +2,926,482 +58.6%
3 EEM 6.69% 1,480,000 $79M $53.40 $73M +1,360,000 +1133.3%
4 EWZ 4.20% 1,600,000 $50M $31.00 $44M +1,400,000 +700.0%
5 CPA 4.09% 406,642 $48M $118.82 $563K -27,602 -6.4%
6 VINP 3.67% 4,038,396 $43M $10.75 $7M +278,612 +7.4%
7 ARCO 3.62% 6,342,621 $43M $6.75 $7M +1,808,125 +39.9%
8 RIO 3.61% 646,866 $43M $66.01 $26M +368,026 +132.0%
9 LTM 3.58% 935,321 $42M $45.25 $41M +911,847 +3884.5%
10 VST 3.52% 212,500 $42M $195.92 -$26M -138,500 -39.5%
11 XP 3.18% 2,000,292 $38M $18.79 $32M +1,722,467 +620.0%
12 BAP 2.90% 128,592 $34M $266.28 -$8M -58,369 -31.2%
13 AUGO 2.54% 805,922 $30M $37.21 +805,922 NEW
14 TLN 2.40% 66,630 $28M $425.38 -$21M -104,070 -61.0%
15 FSLR 2.17% 116,250 $26M $220.53 +116,250 NEW
16 BP 2.05% 703,309 $24M $34.46 $11M +246,196 +53.9%
17 PBR-A 1.74% 1,742,229 $21M $11.82 $694K +17,854 +1.0%
18 BBD 1.67% 5,842,473 $20M $3.38 $8M +1,939,528 +49.7%
19 INTR 1.60% 2,050,930 $19M $9.23 +2,050,930 NEW
20 GEV 1.49% 28,700 $18M $614.90 $12M +18,700 +187.0%
21 NVDA 1.41% 88,996 $17M $186.58 $9M +41,996 +89.3%
22 ERJ 1.18% 231,172 $14M $60.45 $3M +32,563 +16.4%
23 GGB 1.18% 4,491,042 $14M $3.10 $6M +1,621,938 +56.5%
24 ITUB 1.04% 1,674,082 $12M $7.34 $7M +880,902 +111.1%
25 TGS 1.03% 578,365 $12M $21.03 -$10M -258,777 -30.9%
26 NU 0.89% 654,165 $10M $16.01 +654,165 NEW
27 MSFT 0.88% 20,000 $10M $517.95 +20,000 NEW
28 SN 0.79% 90,670 $9M $103.15 $5M +43,670 +92.9%
29 STNE 0.73% 453,462 $9M $18.91 $920K -23,751 -5.0%
30 ELP 0.70% 849,336 $8M $9.80 -$40K -66,694 -7.3%
31 META 0.69% 11,030 $8M $734.38 -$35M -47,900 -81.3%
32 HDB 0.64% 222,000 $8M $34.16 -$2M +98,923 +80.4%
33 ABEV 0.61% 3,242,594 $7M $2.23 $2M +1,252,111 +62.9%
34 AMZN 0.61% 32,880 $7M $219.57 -$31M -141,020 -81.1%
35 AVGO 0.59% 21,000 $7M $329.91 +21,000 NEW
36 CNR 0.58% 82,000 $7M $83.48 -$973K -30,109 -26.9%
37 SE 0.57% 38,000 $7M $178.73 +38,000 NEW
38 OWL 0.55% 381,360 $6M $16.93 $2M +132,060 +53.0%
39 BABA 0.51% 33,500 $6M $178.73 $6M +33,000 +6600.0%
40 FUTU 0.46% 31,000 $5M $173.91 +31,000 NEW
41 SBS 0.44% 210,516 $5M $24.89 $1M +24,448 +13.1%
42 CRDO 0.42% 34,000 $5M $145.61 +34,000 NEW
43 COHR 0.41% 45,000 $5M $107.72 +45,000 NEW
44 AXIA 0.40% 473,209 $5M $9.92 -$284K -196,874 -29.4%
45 IREN 0.29% 72,600 $3M $46.93 +72,600 NEW
46 MU 0.28% 20,000 $3M $167.32 $881K
47 LEU 0.28% 10,600 $3M $310.07 +10,600 NEW
48 MYTE 0.27% 373,910 $3M $8.50 $2M +218,410 +140.5%
49 CTLP 0.27% 298,600 $3M $10.57 $1M +134,600 +82.1%
50 UUUU 0.25% 196,000 $3M $15.35 +196,000 NEW
51 AFYA 0.24% 185,577 $3M $15.60 +185,577 NEW
52 UEC 0.24% 215,000 $3M $13.34 $2M +140,000 +186.7%
53 IBM 0.24% 10,000 $3M $282.16 +10,000 NEW
54 EQT 0.23% 50,000 $3M $54.43 +50,000 NEW
55 GRND 0.23% 177,300 $3M $15.02 $2M +135,200 +321.1%
56 TTWO 0.22% 10,000 $3M $258.36 +10,000 NEW
57 EWY 0.20% 30,000 $2M $80.10 -$3M -44,000 -59.5%
58 WDC 0.20% 20,000 $2M $120.06 +20,000 NEW
59 EVEX 0.19% 588,991 $2M $3.81 +588,991 NEW
60 LLY 0.18% 2,800 $2M $763.00 +2,800 NEW
61 HUT.TO 0.18% 60,800 $2M $34.81 +60,800 NEW
62 NEM 0.18% 25,000 $2M $84.31 -$2M -50,000 -66.7%
63 RKLB 0.17% 42,400 $2M $47.91 +42,400 NEW
64 UBER 0.17% 20,000 $2M $97.97 -$2M -20,000 -50.0%
65 COP 0.16% 20,000 $2M $94.59 +20,000 NEW
66 XOP 0.16% 14,000 $2M $132.20 +14,000 NEW
67 TDG 0.16% 1,400 $2M $1,318.02 $20K +200 +16.7%
68 IONQ 0.16% 30,000 $2M $61.50 +30,000 NEW
69 GAMB 0.14% 208,800 $2M $8.18 -$269K +42,500 +25.6%
70 BE 0.14% 20,000 $2M $84.57 +20,000 NEW
71 GIS 0.14% 32,180 $2M $50.42 +32,180 NEW
72 RIOT 0.14% 84,000 $2M $19.03 +84,000 NEW
73 TSM 0.13% 5,600 $2M $279.29 +5,600 NEW
74 DASH 0.13% 5,600 $2M $271.99 -$942K -4,400 -44.0%
75 RGTI 0.13% 50,000 $1M $29.79 +50,000 NEW
76 DNA 0.12% 100,000 $1M $14.58 +100,000 NEW
77 NKE 0.12% 20,000 $1M $69.73 -$26K
78 NRG 0.12% 8,400 $1M $161.95 +8,400 NEW
79 SUZ 0.11% 144,213 $1M $9.40 -$268K -28,298 -16.4%
80 PYPL 0.11% 20,000 $1M $67.06 +20,000 NEW
81 CAT 0.11% 2,800 $1M $477.15 +2,800 NEW
82 DELL 0.11% 9,000 $1M $141.77 +9,000 NEW
83 SNOW 0.11% 5,600 $1M $225.55 -$5M -24,400 -81.3%
84 YNDX 0.11% 11,200 $1M $112.27 +11,200 NEW
85 HON 0.10% 5,600 $1M $210.50 +5,600 NEW
86 QUBT 0.10% 64,000 $1M $18.41 +64,000 NEW
87 ANET 0.10% 8,000 $1M $145.71 +8,000 NEW
88 QBTS 0.09% 44,000 $1M $24.71 +44,000 NEW
89 PATH 0.09% 80,000 $1M $13.38 +80,000 NEW
90 ASPI 0.09% 109,600 $1M $9.62 +109,600 NEW
91 AMD 0.09% 6,500 $1M $161.79 +6,500 NEW
92 ETN 0.09% 2,800 $1M $374.25 -$3M -7,200 -72.0%
93 FXI 0.09% 25,370 $1M $41.14 $111K
94 BWXT 0.09% 5,500 $1M $184.37 +5,500 NEW
95 ACHR 0.09% 105,000 $1M $9.58 $29K +15,000 +16.7%
96 CRWV 0.08% 7,000 $958K $136.85 +7,000 NEW
97 MTZ 0.08% 4,200 $894K $212.81 +4,200 NEW
98 JPM 0.07% 2,800 $883K $315.43 +2,800 NEW
99 SHEL 0.07% 12,198 $873K $71.53 +12,198 NEW
100 BMNR 0.07% 16,800 $872K $51.93 +16,800 NEW

New Positions

SymbolValue% Port
AUGO $30M 2.54%
FSLR $26M 2.17%
INTR $19M 1.60%
NU $10M 0.89%
MSFT $10M 0.88%
AVGO $7M 0.59%
SE $7M 0.57%
FUTU $5M 0.46%
CRDO $5M 0.42%
COHR $5M 0.41%
IREN $3M 0.29%
LEU $3M 0.28%
UUUU $3M 0.25%
AFYA $3M 0.24%
IBM $3M 0.24%

Sold Out Positions

SymbolValue% Port
T —%
BMA —%
CARR —%
HIMS —%
GS —%
SRE —%
ENIC —%
BHP —%
OKLO —%
VRT —%
BTU —%
CCJ —%
CORZ —%
DDOG —%
CEPT —%
View SEC EDGAR Filings for SPX Gestao de Recursos Ltda →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms